Jeffry L. ByrneVP/GM, Tonnage GasesOppenheimer 3rd Annual Industrials ConferenceOctober 2, 2008

2

Forward-Looking Statements Note: This document contains “forward-looking statements” including, without limitation, statements about the company’s expected fiscal fourth quarter results. These forward-looking statements are based on management’s reasonable expectations and assumptions as of the date of this document. Market conditions will continue to evolve, and additional investigation of damage from the fire and hurricanes and September results could impact the estimates provided today. The company does not intend to update this information until it announces fiscal fourth quarter results. Events or results described in forward looking statements may be influenced by many factors not anticipated by management, including, without limitation, overall economic and business conditions different than those currently anticipated; future financial and operating performance of major customers and industries served by the Company; the impact of competitive products and pricing; interruption in ordinary sources of supply of raw materials; consequences of acts of war or terrorism impacting the United States’ and other markets; the effects of a pandemic or a natural disaster; the ability to attract, hire and retain qualified personnel in all regions of the world where the company operates; unanticipated contract terminations or customer cancellation or postponement of projects or sales; significant fluctuations in interest rates and foreign currencies from that currently anticipated; the continued availability of capital funding sources in all of the company’s foreign operations; the impact of new or changed environmental, healthcare, tax or other legislation and regulations in jurisdictions in which the Company and its affiliates operate;. The Company disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in this document to reflect any change in the Company’s assumptions, beliefs or expectations or any change in events, conditions or circumstances upon which any such forward-looking statements are based.

3

Air Products At a glance $10B in revenues Diverse markets and geographies Positioned for continued long-term value creation

FY07 Geographic Sales

United States(44%)

Asia(17%)

Europe(32%)

Canada/LatinAmerica (5%)

FY07 Segment SalesROW (2%)

MerchantGases(34%)

TonnageGases(31%)

Equipment & Energy

(6%)

Healthcare(7%) Electronics &

Performance Materials(22%)

Merchant

APD TransformationCreating Shareholder Value

FY00 Sales $5.7B

FY07 Sales $9.4B

Merchant Tonnage

Equipment & Energy

HealthcareElectronics & Performance

Materials

Tonnage

Chemicals

Electronics & Perf Mat’ls

Equipment & Energy

Healthcare

4

5

Air Products Value PropositionProfitable Growth Stability

– Long term contracts– Consistent and predictable

cash flows – Strong balance sheet

Growth– Solid project backlog– High bidding activity– Energy opportunities

Improving returns– Margin improvement– Productivity– Increasing dividends– Share buyback

Supply Modes Durable Business Models

Package Gases & Specialty Materials

25%

Onsite/Pipeline36%

Liquid/Bulk21%

10, 15 and 20-year contractsTake-or-pay minimum

volumesContractual energy

pass-throughFormula escalation

3-5 year contractsRegional business

Cost pass-through/surcharges

Equipment & Services

18%

6

Sales ($B)………………EPS ($/share)…….......ORONA (%) …………..ROCE (%)……………..SG&A / Sales (%)……

Balance Sheet………….Shareholder Value…….

A Healthy Report CardFour consecutive years

$2.45

14.7%

“A” ratingDividend increase & share repurchase

$6.4 $7.1 $8.2

FY04 FY05 FY06

$2.80 $3.35

14.2% 12.8%

11.3%

FY07

$9.4

$4.20

12.4%

12.2%11.2% 12.3%

* Comparisons are non-GAAP.7

Merchant GasesStrong Growth & Performance$MM

$MM

Revenue by Region ($, FY07)

Europe PG

North America

ROWEquipment

Europe LB

Asia

12% CAGR

• Continue delivering double-digit growth

Solid growth in Asia

Expanding in Eastern/Central Europe

New offerings success

• Achieve 20% operating margins

8

Electronics & Performance MaterialsPerformance Improvement

$MM $MM

11% CAGR

Asia (40%)

North America (40%)

Latin America (2%)Europe

(18%)

Revenue by Region ($, FY07) • Profit and return improvement driven largely by Electronics turn-around

• Continue delivering double-digit growth

• Growth in Photovoltaics

• Achieve 15% operating margins

9

Tonnage GasesHigh Growth Segment

$MM $MM

Investment by Region

North America

Asia

Europe & Middle East

16% CAGR

• Significant profit growth and improvement in returns on capital while bringing on new investments

• Significant large plant bidding opportunities (both H2 & O2) continue

• Anticipate continued 10%-15% H2 growth

10

11

Refining Hydrogen and EnergyDriving Hydrogen Growth

Transport fuels growthMore heavy, sour crude Clean fuels legislation Increased outsourcing trend Future opportunities

– Gasification– GTL– Oil sands– Non-conventional fuels

45%

25%

15%

15%

ConversionCrudeClean FuelsOutsourcing

12

Major Hydrogen PipelinePositions – US / Canada / Europe

PlaquemineGeismar

Lake Pontchartrain

ConventCosmar

Taft

Geismar10

NolaNew Orleans

Chalmette

LouisianaBaton Rouge

APD HyCO facilitiesH2 pipelineCO pipelineSyngas pipeline

14

14

16

21

Edmonton,Canada

SherwoodPark

Petro-CanadaImperial Oil

16

BPCarson

ShellWilmington

DominguezChannel

Conoco PhillipsWilmington

Conoco Phillips Carson

Van NessAve.

SepulvedaBlvd

Anaheim Street

91

LongBeachArpt.

190th

St.

Carson H2

Wilmington H2

710

405

405

110

1

110

SouthernCalifornia

ValeroWilmington

Zwijndrecht

To Moerdijk

Europoort

Pernis

Botlek

Rotterdam

40

40

Corunna

Suncor

Shell Refinery

40

ST.CLAIR RIVER

Air Products Canada

SarniaCanada

Mont Belvieu

Port Arthur

Bayport

Battleground

Pasadena

City of Houston

Clear Lake

Baytown 2

LaPorte

Texas City

10

45

610

Lake CharlesBeaumont

225

73

6910

Texas

Hydrogen Plant IntegrationAdds Significant Value

Air Products H2 / cogen plant

Hydrogen

HC Feeds

Fuel

H2 toPipeline

H2 Offgas

REFINERYSteamPower

Powerto Grid

Steamto Others

14

APD is one of the largest suppliers of oxygen to gasification facilities around the world (>10 large units)

Designed, built, own and operate units in Texas for syngas, H2 and CO for pipeline systems:– NG based POX units (LaPorte)– Syngas cleanup / separation

facilities from heavy oil POX unit (Baytown)

Recently announced Tonnage relationship on O2 and H2:– Eastman Gasifier -Texas– Wison II, Weihe in China – BP Clean Power in California

Tonnage GasesLeading the Way on Gasification

Air Products Outlook Future demand drivers are strong

– High energy costs efficiencies

– High capital costs debottlenecking

– Environmental pressures new applications

Globally well positioned with market leadership

– Hydrogen for clean fuels

– Oxygen for gasification

– Electronics

15

Margin Improvement Goal

Cost Reduction

200BP

Improved Mix

50BP

Plant Efficiency

50BP

2007 2010

14%17%

300 BP Operating Margin Improvement from …

16

Capital Spending Outlook

FY2008PP&E CapEx $1.2B Capital leases 0.2Total $1.4B

FY2009 ForecastTotal $1.7-$2.0B

On-site includes long-term contracts reported in our Tonnage, Electronics and Merchant Gas business segments.

Merchant includes liquid & bulk gas, packaged gas, specialty and performance materials and equipment & services capital.

Support includes maintenance capital and other non-revenue generating capital spending.17

18

2009 and BeyondSustainable Double-Digit Growthat Superior Returns Targeting sustainable double-digit EPS growth● Targeting a total of 300BP margin improvement

in FY’07 – FY’10– Cost reduction and SG&A improvement– Improved business mix– Plant efficiency / incremental expansions

Targeting a ROCE 3% – 5% above our cost ofcapital

More Focused, Less Cyclical,Higher Growth, Higher Returns

tell me morewww.airproducts.com

Thank you